XML 35 R18.htm IDEA: XBRL DOCUMENT

12. Related Party Transactions

12 Months Ended

Dec. 31, 2017

12. Related Party Transactions

12. Related Party Transactions

At December 31, 2017 and 2016, the Company had the following notes and interest payable to related parties:

		December 31, 2017		December 31, 2016
Mine Systems Design (“MSD”), a company in which our Company’s Vice President owns 10.4%, 12% interest, monthly payments of $4,910 through October 2018	$	68,299	$	115,868
John Swallow, Company president, 5% interest, monthly payments of $5,834 with balloon payment of $387,904 in February 2019		441,163		520,010
John Swallow, Company president, 5% interest, principal and interest due February 2019		192,677		341,250
Margaret Bathgate, shareholder, 5% interest, principal and interest due January 2018		100,000		100,000
		802,139		1,077,128
Accrued interest payable		10,772		4,167
Total		812,911		1,081,295
Current portion		211,829		567,580
Long term portion	$	601,082	$	513,715

Related party interest expense for the years ending December 31, 2017 and 2016 was $53,864 and $63,650, respectively. At December 31, 2017, $211,829 of related party debt is payable in 2018 and the remaining $601,082 is payable in 2019. Also see Note 14 for Forward Gold Contracts with related parties.

As of December 31, 2017 and 2016 gold sales receivable from H&H Metals, who owns 4% of the Company’s outstanding common stock, were $307,796 and $54,319, respectively. Gold sales to H&H Metals were $4,192,647 and $400,120, during the years ended December 31, 2017 and 2016, respectively.